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The country's biggest fuel retailer has reported a large
full-year loss after large asset write-downs and the costs of the
Covid-19 pandemic.
Z Energy's loss for the year ended March was $88 million, compared with a profit of $186 million the year before.
The bottom line was hit by a write-down in the value of its electricity operation, Flick, and in the value of some fuel contracts.
The company said tough retail competition, low refining margins, and $33m worth of pandemic costs had hit earnings.
It has scrapped its final dividend and plans to raise $350m through a share issue to strengthen its finances.
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Photo: RNZ
The bottom line was hit by a write-down in the value of its electricity operation, Flick, and in the value of some fuel contracts.
The company said tough retail competition, low refining margins, and $33m worth of pandemic costs had hit earnings.
It has scrapped its final dividend and plans to raise $350m through a share issue to strengthen its finances.
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